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Evolving Your Regulatory Compliance

Evolving Your Regulatory Compliance

The right tools can enable a company to move quickly from regulatory compliance success to strategic data excellence in months. Datameer has helped enterprises around the world scale their regulatory data operationalization efforts to do just that.

Ebook Background

About the Evolving Your Regulatory Compliance Ebook

Regulations in the financial sector can be especially numerous and complicated. These regulations may often overlap and sometimes can even contradict each other. The schedules are complex, and deadlines change frequently, but institutions are expected to be ready regardless. Ten years after the financial crisis, we see institutions struggle to meet the complexity of these regulations.

There has been a relative slowdown in new regulations in the last couple of years, although new revisions of existing regulations continue to keep regulatory teams at financial firms busy. But even with this continued fast pace, forward-thinking institutions are thinking more strategically about their compliance programs.

The Ever Evolving Regulatory Environment

Tug of War Between Banks and Regulators, The Next Era of Regulations, The Only Constant is Change… and Cost.

DataOps Process: Data Platform Capabilities

The Evolving Regulatory Compliance Architecture

Version 1 Architecture, Version 2 Architecture, Initial Regulatory Solutions Created Stress Points, Continuing Trends

Implementing a Compliance Architecture

Evolving the Architecture, Keys, A Version 3.0 Architecture, The Results of Version 3 Architecture

DataOps Process: Drivers and Objectives of DataOps

Full Data Lifecycle Platform

Functional Capabilities, Critical Control Capabilities, Complete (End-to-end) business data platform, Business-ready Interface

OFFENSIVE VS. DEFENSIVE DATA STRATEGIES

Offensive and defensive data strategies have different objectives. The objective of a defensive data strategy is to keep data secure and private while also maintaining proper governance and regulatory compliance. This requires understanding all requirements and effectively implementing the right processes to meet them. In the end, you create a Single Version of the Truth (SVOT) dataset to share with regulators.

With an offensive data strategy, the goal is to improve the firm’s competitive position, enter new markets, or grow the business. In these cases, you may want to manipulate data differently or at least look at it through a different lens. An institution doesn’t necessarily have to comply with a “single version of the truth” when taking on these initiatives. Instead, different LOBs can create their own versions of the truth, creating Multiple Versions of Truth (MVoT) for these datasets.

CUSTOMER CASE STUDY

  • Business Challenges – In 2016, a leading bank faced a set of exciting business challenges. First, they were staring down regulatory compliance deadlines for BCBS 239. Second, their market was getting incredibly competitive.

  • Technical Challenges – Along with these business challenges, the bank also faced extreme technical challenges. They had to manage tremendous volumes of data, both for their regulatory compliance and to drive new initiatives within the bank.

  • Solution – The bank first focused on regulatory compliance for BCBS 239. The first step was to create a risk data lake. The bank built out an RDARR platform on top of their data lake using Datameer.

  • Results – The bank implemented its BCBS 239 compliance process in a matter of months. Then they were able to spread into seven different lines of business over the following month. Their data lake is now a major piece of the company’s Center of Excellence (CoE).

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